The Global Automated Fare Collection System Market Calculated to Attain $13248 Million in Revenue by 2028

A recent study by Triton Market Research titled 'Global Automated Fare Collection System Market' comprises the Global Analysis and Forecasts by Component (Software, Hardware [Turnstiles, Validators, Ticket Vending Machines, Other Hardware Components]), Application (Bus, Train, Toll, Car), Technology (NFC (Near Field Communication), OCR (Optical Character Recognition), Smart card, Others), and by Geography (North America, Latin America, Middle East and Africa, Europe, Asia-Pacific).

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Triton's report estimates the global automated fare collection system market to develop based on revenue 11.18% during the projected period of 2021-2028. It is further predicted to display revenue worth $13248 million by 2028.

An integrated automated ticketing system is known as an automated fare collection system. It is used for contactless payment purposes across bus, train, toll, and car.

One of the major factors driving the growth of the automated fare collection system market is the decreasing frauds and counterfeiting due to automated fare systems across major countries.

The growing use of smart cards for payment across public transport systems has increased the demand for automated fare collection systems, helping transit operators to track sales and finances easily. However, the initial capital investment required is higher, coupled with unfinished projects due to delay are obstructing the expansion of the automated fare collection system market globally.

The automated fare collection system market is divided into component, application, and technology. The component segment is bifurcated into software and hardware. Here, hardware is divided into turnstiles, validators, ticket vending machines, and other hardware components. The application segment is subdivided into bus, train, toll, and car. In terms of technology, the market is branched into NFC (near field communication), OCR (optical character recognition), smart card, and others.

North America holds the largest market for the automated fare collection system market worldwide. This growth is mainly owing to the technological advancements in the United States and Canada. Other than this, numerous companies are heavily investing in the development of automated fare collection systems, which adds to the growth of the studied market. Furthermore, the deployment of automated fare systems and the advent of smart cards have reduced the use of paper tickets across major cities. Above all, the introduction of new products holds the potential to augment the growth of the automated fare collection system market across the North American region.

Dormakaba Holding, Atos SE, Scheidt & Bachmann GmbH, NXP Semiconductors, Samsung SDS, Lecip Holdings Corporation, Omron Corporation, Thales Group, LG CNS, and Cubic Transportation Systems Inc are renowned companies in the automated fare collection system market.

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Question & Answer: Automated Fare Collection System Market

Question 1: What factor is driving the growth of the automated fare collection system market?
Answer: One of the major factors driving the growth of the automated fare collection system market is the decreasing frauds and counterfeiting due to automated fare systems across major countries. The growing use of smart cards for payment across public transport systems has increased the demand for automated fare collection systems, helping transit operators to track sales and finances easily.

Question 2: What factors are obstructing the expansion of the automated fare collection system market globally?
Answer: The initial capital investment required is higher, coupled with unfinished projects due to delay are obstructing the expansion of the automated fare collection system market globally.

Question 3: Which region holds the largest market for the automated fare collection system market worldwide?
Answer: North America holds the largest market for the automated fare collection system market worldwide. This growth is mainly owing to the technological advancements in the United States and Canada. Other than this, numerous companies are heavily investing in the development of automated fare collection systems, which adds to the growth of the studied market. Furthermore, the deployment of automated fare systems and the advent of smart cards have reduced the use of paper tickets across major cities. Above all, the introduction of new products holds the potential to augment the growth of the automated fare collection system market across the North American region.

Question 4: Which are the renowned companies in the automated fare collection system market?
Answer: Dormakaba Holding, Atos SE, Scheidt & Bachmann GmbH, NXP Semiconductors, Samsung SDS, Lecip Holdings Corporation, Omron Corporation, Thales Group, LG CNS, and Cubic Transportation Systems Inc are renowned companies in the automated fare collection system market.

Related Report:
Global Near Field Communication (NFC) Chips Market - https://www.tritonmarketresearch.com/reports/near-field-communication-chips-market#report-overview

The global near field communication (NFC) chips market is assessed to showcase growth during 2019-2027 at a CAGR of 23.94%. It is expected to acquire revenue worth $17491 million by 2027.

NFC chips assist phones, laptops, and other devices to share data with other devices integrated with near field communication technology.

The growing number of start-ups, integration of NFC with medical equipment, and high R&D spending in the field of NFC are offering several opportunities to the global market.

However, the elevated cost of NFC chips, coupled with difficulties arising during product designing, weighs down the near field communication chips market globally.

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